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April 23 2009 - China Yongxin Pharmaceuticals, Inc. ("China Yongxin Pharmaceuticals" or "the
Company") (OTC Bulletin Board:
CYXN), a leading manufacturer, distributor and retailer of
pharmaceuticals in Northeastern China, today announced Annual 2008 financial
results ended December 31, 2008.Yongxin announced
record revenue for its fourth quarter 2008 of $14.1 million, representing a
28.6% increase from $11 million recorded in the fourth quarter of fiscal 2007.
Growth was driven by increased sales from both its wholesale distribution and
retail business segment.
Gross profit in the fourth quarter 2008 was $3.5 million, a 122.8% increase
from $1.6 million in the fourth quarter of 2007. Gross margins were 24.6% in the
fourth quarter of 2008, compared to 14.2% in the fourth quarter of 2007.
Operating expenses were approximately $2 million, representing a 112.6%
increase from approximately $1 million in the fourth quarter of 2007, and were
directly related to increased marketing and selling expenses. Income from
operations was $1.4 million, an increase of 138.8% from $0.6 million in the same
period of 2007. Operating margins were 10.1% compared to 5.4%.
Net income for the quarter was $0.9 million, down from net income of $1.3
million in the same period a year ago. Income taxes were approximately $346,053
and 0 representing an effective tax rate of 25% and 0% for the fiscal fourth
quarter of 2008 and 2007 respectively.
About China Yongxin Pharmaceuticals, Inc.
China Yongxin Pharmaceuticals, Inc. was founded in 1993 as the Changchun
Yongxin Dirui Medical Co., Ltd. (Yongxin), a wholesale drug distributor. Its
products include Chinese traditional medicines, pharmaceutical preparations,
natural health products, health food, cosmetics, and medical equipment. It began
retail operations in 2004, and in 2005, it gained franchise rights from one of
the world's largest drug chains for China's Jilin Province. By the end of 2007,
the Company had become one of the fastest growing pharmaceutical companies in
China through its retail chain of 93 drug outlets as well as wholesale
distribution and manufacturing operations in Northeastern China.
Contact:
Web Site:
http://www.yongxinchina.com.
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